Electronic payment system for large value local currency interbank fund transfers and the settlement of scripless singapore government securities 1 the institutional aspects 11 the general legal and regulatory framework a number of laws and bye laws have a bearing on payment instruments and institutions in singapore. Range of cashless payment instruments as well as efficient and reliable clearing and settlement systems in singapore the common methods of making retail payments besides using currency include cheques interbank giro debit and credit transfers as well as payment cards which includes stored value debit and credit cards. In singapore 7 web link to payment system oversight act other legislation that may be relevant to payment and settlement systems in singapore includes the bills of exchange act chapter 23 the development loan act chapter 81 the government securities act chapter 121a and the electronic transactions act chapter 88. The psoa gives mas powers over payment systems payment instruments and participants in payment systems covering three main areas for details see section 123 i the designation of payment systems as systemically important payment systems sips or system wide important payment systems swips. An act to provide for the licensing and regulation of payment service providers the oversight of payment systems and connected matters to repeal the money changing and remittance businesses act chapter 187 of the 2008 revised edition and the payment systems oversight act chapter 222a of the 2007 revised edition and to make consequential and related amendments to certain other acts
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